DHL 2002 Annual Report Download - page 87
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2
Dr. Ernst, as the Board Member for Finance,
what do you consider were the most significant events in fiscal year 2002?
‘First, we can state with absolute confidence that Deutsche Post World Net’s financial
position continues to be extremely solid.
Our economic development in 2002 was impacted by various factors, only some
of which were under our control.
Then there is the first-time consolidation of DHL, which had a particularly
noticeable impact on our annual financial statements. DHL is now responsible for
around €6.2 billion of our consolidated revenue. The 100% takeover has led to a €707
million increase in financial liabilities on our balance sheet, although net gearing
remains very low.
The European Commission’s state aid ruling also had a major financial impact
on us in the year under review: this necessitated the recognition of a corresponding
provision under other liabilities in the balance sheet, which was reflected as an
extraordinary expense in the income statement and resulted in a reduction in the
Group’s tax expense.
The payment of €907 million that we were ultimately required to make in
January 2003 will be reflected as a decrease in cash and cash equivalents in the cash
flow statement for Q1/2003. This will have no further impact on our income statement
for the current year; in our balance sheet, however, cash and cash equivalents and other
liabilities will decrease accordingly by €907 million, resulting in a de facto decrease
in our total assets and liabilities. This will have a positive effect on the Group’s return
on investment, among other things.’
All of these points relate to the consolidated financial statements.
You are also disclosing Postbank “at equity”. Why?
‘In the “Postbank at equity” scenario, the balance sheet does not include Postbank’s
assets and obligations. You can see that our consolidated balance sheet is heavily
influenced by the items “Receivables and other securities from financial services” and
“Liabilities from financial services”. These two items are due almost in their entirety
to the deposit volume of and total credit extended by Postbank – overall, they
constitute around 85% of balance sheet assets, equity and liabilities. This makes key
Group figures, such as the capital ratio and Cash flow I, less meaningful.
At Deutsche Post, solutions only count
if they get the right results.